GOODS & SERVICE TAX
“GST (Goods and Services Tax) is the major indirect tax reform in India.GST is the only tax on the supply of services and goods. It is a destination-based tax.GST has subsumed Central Excise Law, Service Tax Law, VAT, Entry Tax, Octroi, etc”
Every statute needed the registered person to file the return in such format and within a period of time as may be prescribed in the particular statute. Along the same line, the GST Act makes provisions for furnishing information by a taxable person through the filing of returns.
In GST, returns are self-assessed by the registered persons. A taxable person can take the help of a GST Practitioner in the filing process etc. He can file returns through GST Suvidha Providers (GSP).
GST registration based on aggregate turnover
In accordance with the regulations and legislation, each supplier is obligated to register in the State or Union territory, excluding special category States, from where they are capable of making taxable supplies of goods or services, or both, if their aggregate turnover in a financial year surpasses INR 20 lakhs.
Other cases where GST registration is a must
In addition to the aggregate turnover criteria, it is essential to ascertain whether a business falls within the categories specified below under GST law. The following are the categories of individuals who must register compulsorily, regardless of whether they meet the aforementioned threshold:
- Individuals engaged in any inter-State taxable supply
- Casual taxable individuals making taxable supplies
- Individuals required to remit tax under reverse charge mechanism
- Individuals required to remit tax under sub-section (5) of section 9 (electronic commerce operator)
- Non-resident taxable individuals making taxable supplies
- Individuals mandated to deduct tax under section 51 (Tax Deduction at Source)
- Individuals providing services or goods, or both, on behalf of other registered taxable individuals, whether as an agent or otherwise
Input service distributor
persons who supply goods or services, other than supplies specified under subsection (5) of section 9, through such electronic commerce operator who is required to collect tax at source under section 52
Voluntary Registration
Apart from the aforementioned criteria, if a supplier voluntarily seeks registration under the GST Act, they can submit an application through the GSTN portal.
There are instances where a person is not obligated to register:
- When the supplier’s aggregate turnover solely comprises goods or services that are either not taxable or completely exempt from tax under this Act.
- In the case of an agriculturist, for the supply of produce derived from land cultivation.
The documentation requirements for obtaining GST registration vary depending on the type of business. PAN is mandatory for applying for GST registration, except for non-residents.
Starting from INR,1,500/-
( inclusive of all taxes )*
